CBN insists BVN registration will end on October 31

yinka ogunlami

October 8, 2015 10:33 AM

"By November 1 if you don’t have a BVN you won’t be able to operate your account, but that does not mean that your money will be confiscated as some people have said."

Central Bank of Nigeria (CBN)

Mr Dipo Fatokun, Director, Banking and Payment System Department (BPSD) of the Central Bank of Nigeria (CBN) re-affirmed that the deadline for obtaining the Bank verification number (BVN) is October 31, 2015.

According to Vanguard, Fatokun said that at the deadline, bank customers that had not enrolled for BVN would not be able to access their accounts.

“Last week Friday the bankers communicated that there is no extension on the BVN.

If you have not registered go and register and of course submit your BVN to your bank, no extension on the deadline of October 31.

Read: Banks to freeze 32 million accounts from November 1

By November 1 if you don’t have a BVN you won’t be able to operate your account, but that does not mean that your money will be confiscated as some people have said.

No, what it means is that you should go and do your BVN, once you do your BVN and you link it to your account, you continue to operate your account.’’

The BVN is a unique identity number that can be verified across the Nigerian banking industry.

It was inaugurated in February 2014 with the aim of protecting customers’ accounts from unauthorised access to reduce the incidence of theft and exposure to fraud.

yinka ogunlami

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!